BTC/USD, ETH/USD, XAU/USD (Silver): technical Outlook, Edition #38 (01/07/21)
Tired and exhausted - Bitcoin bulls lose steam trying to gain upside support, Silver bears slipping from dominance. Let's discuss the sit-rep and assess symptoms of a potential liquidity crisis
Bitcoin ran out of bullish momentum around USD 35K while attempting to flip the D1 20 EMA (GREEN) into support
This stumble resulted in the BTC/USD trading pair falling nearly 5%, and bulls risk a further drop if bears achieve a daily close below USD 33K.
Plotted below on the D1 BTC/USD chart, we can see this stark rejection and why a daily close below USD 33K could lead to more bloodshed.
Bitcoin, BTC/USD - Daily (D1)
Further to this, the H4 BTC/USD chart depicts a nasty .618 Fibonacci retracement retraction from the last swing high at USD 41K.
Bitcoin, BTC/USD - 4 Hour (H4)
Ethereum has also ripped into resistance at USD 2.3K.
One can also see bearish divergence forming on the RSI as ETH/USD reaches higher highs price while the RSI makes higher lows.
Ethereum, ETH/USD - 4 Hour (H4)
Cryptocurrency appears undecided for now; price action has been very choppy and shows signs of a liquidity crisis.
Digital assets aside, XAG/USD (Silver) is looking far more bullish as it makes a break past the sloped resistance pictured below…
Silver, XAG/USD - 4 Hour (H4)
See you again for the next update. - q
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